The systems that settle securities (except government securities and corporate bonds issued by banks) are subject to the Securities and Exchange Commission(CVM) authorization and supervision. CVM shares this responsibility with the Banco Central do Brasil (BCB).
The Interbank Payments Clearinghouse (CIP), which is a non-for-profit civil association, operates the Funds Transfer System (SITRAF), the Deferred Settlement System for Interbank Credit Orders (SILOC), and the Central Credit Assignements (C3).
BM&FBOVESPA S.A., a for-profit company headquarted in São Paulo, is the main Brazilian stock, commodities and futures exchange, and operates four settlement clearinghouses:
• Equities: settles mainly equities, equity derivatives, and debentures;
• Securities: settles government securities;
• Derivatives: settles almost all derivatives;
• FX transactions settles foreign currencies.
It is important to mention the Organized Over-the-Counter Market for Securities and Derivatives (CETIP), a for-profit company, that is the depository of corporate bonds, state and municipal government securities and securities that represent National Treasury's special debt. And the Banco do Brasil S.A., a semi-public government bank, responsible for operating the Checks Clearinghouse (COMPE).
Due to the growing use of electronic payment instruments, the payment card companies have started to play a more important role in the payment system. The main of them are VISA, MasterCard, American Express and Hipercard.